Salford’s tallest residential skyscraper sold to European investor

Salford’s tallest residential building has been sold to a pan-European real estate investment manager for an undisclosed sum.

100 Greengate, a 44 storey development for the private rented sector, will comprise 349 homes, including one, two and three bedroom apartments.

The building will offer residents facilities including a gym, a concierge service, residents’ lounge and a rooftop landscaped garden.

The development rises above the Greengate district - the historic heart of the old city of Salford - which is being transformed from a barren expanse of car parks into a clutch of high rise apartment blocks.

Construction is due to complete in early 2019.

Residential developer Renaker Build sold the site to Europa Capital with its joint venture partner, Atlas Residential.

Europa Capital has invested in or developed over 7,000 bed spaces across PRS and student accommodation in key UK and continental European locations since 2012.

The completed development in Salford will be managed by Atlas Residential, a major US operator, which has acquired and managed over 70,000 apartments in the US and has established a UK residential platform of 851 units to date.

100 Greengate, developed by Renaker, has been under construction since May 2016 (Image: STEVE ALLEN)

Hugo Black, partner at Europa Capital, said: “This acquisition not only builds on our existing track record in UK PRS but presents a compelling opportunity to invest in one of the fastest growing cities in the UK with a thriving economy and an expanding population.

“There is a significant demand for new homes in the city and we look forward to working closely with Atlas Residential to bring an attractive residential product to the market in wider Manchester.”

Jonathon Ivory, managing director at Atlas Residential, said: “We are excited to be extending our management footprint to what will be our second community in Greater Manchester.

“100 Greengate will provide our team with another opportunity to deliver 1st class customer service to future residents seeking a home in this increasingly vibrant city.

“This acquisition is consistent with our theme of participating in urban residential regeneration activity in key cities throughout the UK and we very much looking forward to working with Europa Capital to unlock the value of this property.”

Daren Whitaker, Renaker Build’s managing director, added: “The deal demonstrates the strength of the local market, the extremely high quality of our product and the commitment to the city region that institutional investors are prepared to make.

“It also gives us great confidence as we take forward our plans for the regeneration of the wider Greengate area, which will ultimately create a new destination for locals and visitors alike.”